CORAL GABLES, FLA., September 5 /CNW/ - Veracity Management Global, Inc.
(OTCBB: VCMG), a holding company for two subsidiaries, announced today that it
has executed a 73-for-1 reverse stock split effective today. As a result, the
Company's stock ticker symbol is now "VCMG," changed from "VMGG."
Michael Rideman, CEO of Veracity Management Global said, "This move is
part of a strategy to list the company's common stock on a listed stock
exchange. I expect our shareholders to see a strong performance by our Company
and continued growth organically as well as through our planned acquisitions."
As a result of the reverse split, the number of outstanding common shares
of stock will decline to approximately 31,618,220 shares from 2,308,130,047.
Veracity's Board of Directors has approved, and stockholders owning
1,534,673,651 shares of the 2,692,670,338 shares of Veracity's common stock
outstanding as of August 2, 2007, have consented in writing to the reverse
split. Such approval and consent constitute the approval and consent of a
majority of the total number of shares of outstanding Common Stock and are
sufficient under Title 8, Subchapter VII, Section 228 of the Delaware General
Corporation Laws and Veracity's By-Laws to approve the action.
Rideman concluded, "We are continuing with our growth plan both in the
U.S. and internationally. The management team of Veracity continues to add new
business to our books and is in continual discussion with potential new
clients on a weekly basis. This should translate into a higher profile for
Veracity Management Global on the international stage and provide our
shareholders with greater revenues and earnings. Our company has achieved some
major milestone, including moving from the pink sheets venue to the over the
counter bulletin board with a growth strategy in place to move to a listed
exchange. The management of the company has also positioned Veracity to have a
profitable year with the potential to achieve a 100% revenue growth rate for
the next two years, if not more."
About Veracity Management Global, Inc.
Veracity Management Global, Inc. is a holding company for a management
consulting subsidiary, Veracity Management Group, Inc., which specializes in
assisting companies to transition, restructure and grow. VMG provides
operational and strategic solutions through its multiple service and product
lines that include staffing subcontracting services (i.e. recruiting),
business continuity and resumption services, strategic planning services,
regulatory compliance services, software development services, data management
services, business intelligence development services, integration services,
ERP (Enterprise Resource Planning systems) implementation, and infrastructure
Safe Harbor Forward-Looking Statements
Except for historical information contained herein, the statements in
this release are forward-looking statements that are made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of 1995. The
above information does not guarantee any successful closing of new business.
No assurances can be given that any projections related to gross revenues or
profit margins will be realized. Forward-looking statements involve known and
unknown risks and uncertainties that may cause the companies' actual results
in future periods to differ materially from forecasted results. Such risks and
uncertainties include, but are not limited to, market conditions, competitive
factors, the ability to successfully complete additional financings and other
For further information:
For further information: Veracity Management Global, Inc. Adriene Ronck,